Developer Sminex bought Inteko for 38 billion rubles
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Alexey Tulupov’s development company Sminex acquired the business of the developer Inteko. The deal amounted to 38 billion rubles. This was reported in the Trust bank, which owned Inteko.
The transaction became the largest in the M&A segment in the real estate development market since 2015. As part of the deal, Inteko’s assets in Moscow and Rostov-on-Don were sold. The capital’s assets include seven residential projects with an area of 1.4 million square meters. m. at the stage of design and construction.
According to the Unified Information System for Housing Construction, Inteko ranks 38th in the rating of the largest Russian developers. Inteko’s revenue for 2021 amounted to 60.4 billion rubles, EBITDA – 21.7 billion rubles. According to Rosreestr, Inteko is among the top ten leaders in the old borders of Moscow in terms of revenue for the eleven months of 2022. Trust has been managing Inteko since 2018.
The Sminex developer was founded by the former co-owner of the Rosbuilding company Alexei Tulupov. According to information on the Sminex website, the company’s total portfolio is 1.1 million square meters. m. Sminex claimed for the acquisition of Inteko’s assets in 2021. Auction with an initial cost of 37.4 billion rubles. was supposed to take place on November 16, 2021. However, the auction was canceled due to litigation. The court of Nicosia (Cyprus) at the suit of Morden Finance Ltd, which previously owned 5% of the developer’s shares, banned the Trust from holding an auction.
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